Basra Crude Oil Prices Drop Amid Global Economic Uncertainty

Shafaq News/ The Basra crude oil prices depreciated on Wednesday, a development synchronous with the global dip in oil prices.

The Basra heavy crude experienced a drop of 32 cents, leaving its price per barrel languishing at $71.71. Correspondingly, the Basra Intermediate crude price lost 32 cents, resting precariously at $74.86 per barrel.

The slump in oil prices occurred amidst concerns from investors, fearing a deceleration in the pace of global economic growth. This apprehension has catalyzed a cautious approach, significantly impacting commodity prices on a global scale.

The prices of Basra crude are inextricably intertwined with central crudes such as Brent, American crude, and those of Dubai and Oman. The Iraqi crude is sold to Asian markets in accordance with Dubai and Oman prices, while the European and American markets gauge their purchases based on Brent and American crude prices respectively.